The new government intends to give priorities to goods and service taxes. Thus Mr. Arun Jaitley, the new finance minister has ordered the revenue department for the preparation of a separate paper on goods and service taxes known as GST, based on the suggested tax reforms. On Wednesday a presentation was delivered by the expenditure, revenue and disinvestment departments, and this was presented only after the department of economic affairs had formulated its agendas, based on ideas provided by Mr. Jaitley himself.
The reforms of indirect tax was to take place from January 1, 2010, but was held up over the compensation issue; the states demanded to recompense the losses encountered from the new rules and loss of fiscal independence. The officials had told ET that the finance minister wanted to meet with the state finance ministers at the earliest, to discuss on GST issues. On Wednesday the executives of the corporate affairs ministry made a presentation to Nirmala Sitharaman, the Commerce Minister. These issues undertaken by BJP had been a part of their manifesto which promised to undertake the concerns of states and matters concerning GST.
Presentations were presented by both Central Board of Direct Taxes and the Central Board of Excise and Customs to Jaitley. The new finance minister has also taken up the responsibility to modernise this department. Arun Jaitley is not only in the charge of finance and corporate affair ministries, but has also been put under the charge of defence ministry. The coming of the new government in power has given birth to new expectations among everyone. And the various political agendas being taken up by them are again another ray of light amongst darkness. Jaitley the new finance minister is trying to lay maximum importance on financial issues that had been neglected since a very long time.